People ex rel. Mackey v. American Union Life Insurance

The right of a stockholder to compel the corporation in which he is interested to allow an examination of its books is not an absolute one. Such relief will be granted only for some purpose necessary to his protection. People v. Walker, 9 Mich. 328; Matter of Steinway, 31 App. Div. 74, aff’d 159 N. Y. 250; Matter of Pierson, 28 Misc. Rep. 726, aff’d 44 App. Div. 215. But where the stockholder presents facts which disclose that the relief is essential, his application may be granted, as the books are not the private property of the managers, but are the records of their transactions as…